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    Home»Taxes & Benefits»New Canadian Affordability Plan
    Taxes & Benefits

    New Canadian Affordability Plan

    Nina AndersonBy Nina AndersonNo Comments3 Mins Read
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    Without a doubt, the last few years have been very difficult and unusual for most Canadian families. Especially for single mothers and those who earn very little. Even though the pandemic is more or less dealt with, we are now facing numerous major financial changes that affect the quality of life in the most direct way.

    With mortgage interest rates growing at a rapid pace, owning a home has become an attainable dream for most Canadians. This decreased bility to buy resulted in a reduced number of rental homes on the market and produced “rental wars” among those seeking to rent a place (read full details on that at Globe and Mail).

    The next couple of years might hamper our ability to build any financial equity, or grow any substantial savings and adjust our budgets to inflation. Single mothers are not unfamiliar with financial difficulties, and as such might be better prepared (at least mentally) to deal with stretching their budgets. That being said, it is crucial that single mothers also keep an eye on new subsidies and financial initiatives from the government. If you don’t have the time to follow the news, don’t worry, I got you covered here!

    On June 16, 2022, the Department of Finance Canada announced their new Affordability Plan that will help you with some essential expenses, such as childcare, dental fees, and rent. Here are the details on what’s the government will help cover:

    1. Childcare Expenses: by the end of 2022, most Canadian provinces will cut their childcare fees by an average of 50%. This is great news, and is definitely overdue! By 2026, there is also a promise to establish a Canada-wide “$10 a day” childcare cost, which will make a huge difference in anyone’s budget.
    2. Dental Expenses (this one is my favorite): for those earning less than $90,000, the government will provide dental coverage, including children and adults.
    3. Rental Payment: if you rent, you will be receiving a one-time payment of $500 sometime throughout this year. Although this will not help most people to afford the rising rental costs, it is better than nothing I guess.
    4. Various adjustments: some benefits will be adjusted to reflect the overall inflation, and will include Canada Child Benefit, Workers Benefit, Old Age Security, GST credit, Canada Pension Plan, and Guaranteed Income Supplement.

    Without a doubt, some of these initiatives are long-awaited and will help many Canadian single mothers to cover some essential big costs (dental and childcare).  One area where Canada is still struggling is affordable housing. Because housing cost takes up the bulk of our monthly financial means, making housing affordable will make the biggest difference in most people’s quality of life.

    Related posts:

    • Single Parent Statistics in Canada
    • Handling Inflation Like a Pro
    • Dating As a Single Mother
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    Single Mom Prosperity is a personal blog and online resource dedicated to tried and tested money strategies and saving tips for single mothers. Our mission is to share real life money strategies to financially empower other single moms to succeed in life and finances.

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